Import value of CMP raw materials hit over $600 in three months

CMP (Cut-Make-Pack) businesses have imported raw materials worth over US$600 million over the past three months in the current 2018-2019 fiscal year, exceeding nearly US$100 million compared to the same period of last FY, according to the Ministry of Commerce.

From October 1 to January 11 this FY, import value of CMP raw materials reached US$606.459 million. In the same period of the previous FY the amount was US$506.647 million.

Businesses operating under the CMP system are mainly garment factories and slipper and bag making businesses, according to Myanmar CMP Association.

In garment industry, most orders come from Japan, South Korea and European Union countries, and Myanmar imports raw materials from those countries and makes clothes under CMP system.

From October 1 to the end of December this FY, over US$1 billion was earned from export of CMG garments, exceeding over US$496 million compared to the same period of last year.

“In export sector, CMP garment export is major. This year we have earned US$1,044.352 million. It is over 1 billion. In the same period last year, we earned US$547.412 million. This is very significant in export sector,” said Khin Maung Lwin, assistant permanent secretary of the Commerce Ministry.

Source: Eleven Myanmar

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